Euronext accelerates cost cuts - CEO says job not in danger

Bourse operator says quarterly operating profit up 4.6%

Euronext was spun off from  IntercontinentalExchange in June. REUTERS/Brendan McDermid

Euronext was spun off from IntercontinentalExchange in June. REUTERS/Brendan McDermid

Fri, Aug 8, 2014, 01:04

Exchange operator Euronext posted a 4.6 per cent increase in quarterly operating profit yesterday, boosted by cost cutting and a rise in stock market listings, and said it would accelerate its cost-savings plan.

The operator of the Paris, Amsterdam, Brussels and Lisbon bourses said second-quarter revenue rose 5.2 per cent, helped by a sharp rise in listings as well as a pick-up in volumes in its cash trading business.

Shares in Euronext, which was spun off from parent Intercontinental Exchange in June, were trading 3.2 per cent higher in morning trade, but the stock is still down 11 per cent since its initial public offering less than two months ago.

Euronext chief executive Dominique Cerutti denied a report his job was on the line. “I have the full confidence of my board,” he said. “There is absolutely no tension.” – (Reuters)